pete with the braces last night. >> suspenders. anyway -- >> ambarella. stock traded well on a lousy tape, amba. >> i'm melissa lee, thanks is. my mission is simple to pak you money. i'm here to level the playing field for all investors. there is always a bull market somewhere and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." other people want to make friends i'm trying to make you money. my job not just to entertain you but put it in perspective. call me or tweet me. the market is in a foul mood. it is interpreting everything positive as a negative and assuming anything bad trumps the good which is why we were down

again. dow seeking 130 points. s&p declining. nasdaq falling 1.29%. after today's drubbing i know that anyone who says stay the course is now officially regarded as whistling past the grave yard. but i can't look at it like that especially since the averages only did rebound somewhat from the worst of today's selling. i'm stuck with the fact that we are in a negative moment. rationals may be to sell oil companies and some financials. i think when the market recovers there might not be that much of an opportunity to get back in. in other words, if you sell here then you will have missed the pullback that many of us have been waiting for. just so you know i'm not whistling past the grave yard let's explore the legitimate negatives that drove today's action. i do believe that oil off nearly

$2 to $48 today is not finished going down and neither are the oil stocks. there is no room to store the stuff so every producer is discounting to get crude moving somewhere, anywhere. things will stay that way until oil finds a real level. that won't happen anytime soon. when i look at how wall street is positioned on oils i see too much optimism. too many people fretting about missing a bottom. i think there is no hurry to buy. none at all. you need to see number cuts and down grades galore before this group can bottom. until every bull is slaughtered there is no reason to own them. when i say every bull i'm talking about the need to see all buys go to holds or sells. remember until four months ago

these were considered growth stocks owned by momentum players. now they are kind of in no man's land representing neither growth nor value. these moves from growth to value do not happen overnight. it takes several quarters of pain before people realize that they are buying stocks that turn out to be expensive on earnings not cheap. oil 10% of the s&p 500. it is overvalued. i give the bears their due when it comes to the oil. there is a second group that has become overvalued and that is the financials because of the sudden and admittedly violent decline in interest rates which hurts their earnings power. we are recognizing the fed isn't a factor anymore. it is desire for safety that is in charge of bond yields not the fed because wealthy people in the rest of the world are desperate to swap out of

currencies and therefore our treasures. many were hoping this would get us rate relief. now doesn't look like that can happen or if it does rates seem like they are heading lower. the bank stocks have to go lower, too. i'm like the oils i think you have to accept pain. maybe buy some tomorrow. i said the same thing about wells fargo. terrific bank this morning. we know wells fargo isn't set up for lower interest rates and does better when rates are higher. we know this company will most likely not report the earnings number people are expecting. i don't think the stock will fall more than a few bucks from these levels when it does. this is not 2008 when wells lost four-fifths of its value. it is far more like the moment in 2014. remember that period in ebola scare? it caused wells fargo to sell off. shares shot back up to 56. rather than trying to trade out and back in or short or sell or

go long i think it makes more sense to tough it out. how about the international stocks? these are worrisome. take general electric. in part because of the slow down in the rest of the world and because of how much of the business is energy related. that is a common thing. so even though i see limited upside you would be selling a company with no systemic risk when the ten year is yielding less than 2%. maybe two more points of down side before the yield protection kicks in. if that is too much pain for you, i don't think it is worth buying. but if you like the stock it makes more sense to hold it than to sell it and try to get in at a cuter, lower level. should we extrapolate to sell them all? i think that is a mistake. companies will see earnings hurt and miss estimates. they will be too painful to own.

companies that benefit from lower oil with good yields and not much exposure to economies overseas are buys not sells. why is the market going down so much if it is making things better? remember, we were up double digits last year. there is a panic believe that the world must be coming to an end because of how quickly oil is falling. people are selling because they are trying to get ahead of what would happen if oil goes below $30 if it does. fourth we have real earnings issues. j.c. penney and all domestic retailer gave us good news. let's understand and accept the market's foul mood at least where it is perhaps warranted because the financials, some industrials and all oils do not belong this high to some degree. they have to readjust to the down side. two out of three of the groups

have good down to levels where i don't think it makes sense to sell. doesn't mean buy. does mean hold. so surrender to the pain. i rather think about the possibilities. think of this. remember ebola pullback? how many times did people say don't buy? wait for a pullback. then they got one and people sold into panic. we are having another panic pullback now. are you using it to put money to work or waiting for lower prices or panicking? i can condone waiting for lower prices. i can encourage buying stocks from companies that benefit from lower oil. i can bless selling oils. the bottom line is for most stocks it is a buying opportunity. the situation isn't nearly as grim as the market's mood. why don't we go to john in

pennsylvania? >> hello, jim. with everybody worrying about the oil prices going down, wouldn't this be a boom for a company like goodyear tire & rubber which has two thirds of cost tied up in the petroleum product? >> absolutely. i was talking to david faber this morning. good year tires making a major comeback here. i think you are on the right track. it has had a big move. robby in new york. robby. >> cramer my man, happy new year. >> same to you. >> your show is great. i love it. >> thank you. >> my question is how are mobile gaming stocks affected by decrease in sales from smart phones. how does it stack up against --

>> i think all three are not my cup of tea. when it comes to gaming it's take two interactive. it just is. ea is a little too expensive. take a look where the stock is this is what you call a panic pullback. are you making it work for you? think about the many opportunities being presented to you that aren't affected by why we are going down. it's a bird, a plane, it's bio tech. don't miss my take on the top ten players. everybody loves a winner but the losers can teach us something, too. can the biggest flops of 2014 go from zero to hero this year or should you stay away? i'll see what the charts have to say. stick with cramer.

don't miss a second of "mad money." follow on twitter. have a question tweet cramer. send jim an e-mail to madmoney@cnbc.com madmoney@cnbc.com. hi. pete and jon najarian here in new york city outside of the nasdaq, where we bring you live daily market updates. and today, we have a very special free gift for you. so many viewers e-mail us wanting to know our secrets on how we trade options. so we put our secrets into a new book. and if you're one of the first 250 people to call in right now and just cover shipping and handling we'll send you a copy for free.

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after another lousy day for the averages i think it's worth taking a look at one of the best performing sectors of 2014. let's see what we can learn. we care about the future not the past. i am talking about bio tech, a group that rallied 33% last year. even as the cohort was hit today fairly hard. bio tech wasn't just among the best performing sectors in 2014. this group has consistently outperformed the broader stock market for each of the last four years. the bio tech cohort as represented by the nasdaq bio technology etf crushed the s&p 500. i think it is possible that 2015 might be no different even after

the selloff which is caused by gilead. why could i still be bullish about this group? in part because after the tremendous run in the bio tech sector the large cap names remain quite cheap versus both their own incredible growth rates and the growth rate of the overall market. i halt it there. you have to look at this group relative to other stocks and themselves. the bio techs are immunized. their earnings will be just fine regardless of how the global economy is doing. the cornerstone of the strength is that there has been a little noticed change in the way that bio tech companies do business. market hasn't caught up with us yet. i think it has insight that we are working on here. in the old days the bulk was one drug wonders. they would rise and fall based

on the success of a single miracle drug. you would have a home run in your hands. if it failed in the approval process then you have a strikeout. i noticed that smaller bio tech companies are no longer one trick ponies. i think there is a change in the group. these days the best bio techs are no longer about discoverying individual drugs but are about creating what i call technology platforms. they can put as many successful drugs a pipeline within a drug. tonight i'm going to go over the ten best performing of 2014. first let me give you a play that didn't make top ten. i think that isis we spoke to the ceo last night. we think that this is the new face of bio tech on mad money. isis has had a lot of exciting drugs in its pipeline this story isn't about any particular drug

but about a drug discovery platform. company uses technology creating drugs that bind to rna in a person's cell and correct genetic abnormalities. they can ink a major partnership and develop a drug we never heard of until yesterday which sent the stock soaring to the roof recently. in short, rather than focusing on one drug a technology platform that allowed them to develop dozens of drugs. that is the new template for bio tech. the kaechs that embrace it are seeing stocks roar higher. consider the ten best performing bio tech names of 2014. number one is ova science. this is a small cap player focused on revolutionizing the market.

a propryitary technology platform where they take egg precursor cells and grow them into healthy eggs. the platform could only lead to multiple blockbuster products. last year's number two bio tech name agios pharma. agios has been a pioneer in the cancer space. they developed targeted treatment that alter metabolism of cancer cells. the key here is that their platform could work on many other types of cancers. the company is working on treatments of orphan drugs. not a drug a platform. i think agios is worth buying. next up you have probably seen

this one trade up 337%. it is all about using jean therapy platform to treat diseases. the company partnered with celgene. this is known as immune therapy. it uses the patient's own immune system to fight cancer. the other members are on breaking into other markets. a pill for multiple clusclerosis. fifth best tg therapeutics up 336% developing antibody based therapies for various blood cancers. this has been a hot area of late. the company is sitting on two potential blockbuster drugs with top notch safety. we will be hearing about that one a lot.

number six is pro sensa. platform for treating rare genetic disorders. number seven is basically the last independent small cap bio tech developing its own cure for hepatitis c. when you consider that mercke paid 3.8$3.8 billion you may be wondering. i'm not encouraging speculation. last year's eighth best is amicus. advanced enzyme therapy designed to treat rare conditions came up with a bunch of positive

updates. number nine ptc therapeutics. company is currently launching first drug in europe. last but not least the tenth best performing for 2014 was esperion developing once daily pill for people with super high cholesterol. i see no reason to change given the number of people for whom statens don't work well. here is the bottom line. a couple escaped. i think the same factors that caused the group to war last year could continue to let it rally in 2015. so many of these bio techs have transcended the one drug wonder syndrome and are now developing technology platforms that could help them create many big drugs which is why i think it makes sense to buy the drugs with powerful platforms when they

come in even as it is perhaps the most painful thing you can do in this newly treacherous market. much more mad ahead including my look at some of the biggest losers of 2014. what the 2016 election could do to your stocks this year. the market's having a tough time deciding who wins and loses with low oil. stick with cramer.

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normally on a down day like this one i don't like to accentuate the negative. i go over all 30 stocks in the dow jones industrial. last night i highlighted the best performers for 2014. i will show you how i reached my dow 19,931 price target despite the hideous start to the new year. tonight we need to talk about the dogs of the dow, the worst performers in the index that actually lost you money in 2014 to see whether they can change their evil ways or if they are doomed to go still lower. knowing a lot of bargain hunters gravitate to the bow-wow chateau. only eight dow stocks declined last year. the eighth worst performer in the dow was mcdonald's. it was off 3.4% for 2014.

this year i think mcdonald's is in a fish or cut bait mode. ceo reverses the course of the company's sales and earnings or board of directors reverses course of the ceo. i don't see a solution because the status quo is unattenable. if thompson can't turn things around then i think the board will bring in someone else who can. directors aren't just going to sit still and take it. for those of you who think mcdonald's is doomed because of the unhealthy menu remember burger king didn't start serving tofuburgers. same as jack in the box. the truth is the competition is running circles around mcdonald's. i think the problems can be fixed which is why we own the stock for my charitable trust. i wouldn't be surprised if it heads to 110.

you are being paid to wait. the dow's seventh worst performer sadly at&t down 4.5%. despite the monster yield. we used to think of phone companies like at&t as utilities. really utilities are monopolies. how about that utility index? at&t though it is cut and it is in a ridiculous four-way battle. verizon, t mobile and sprint engaged in the field. i am excited about at&t's prospects. not because of the telephone business but because of directv which i think is under marketed powerhouse. i have always felt whoever has the every football game televised franchise where every name is given to espn for fantasy is in the seat. i think it is almost impossible for them to screw this up. that is why the stock could be

up big in 2015 possibly trading up $38. fantasy rules. and then boeing. boeing is the sixth worst performer last year down 4.8%. i say it is amazing because this was best performer for a while. there seems to be almost a total boeing collective. no one wanted it. it's like 2013 was great. we're bored with this. did it do good to see such a weak euro. the same time gigantic decline in oil will make it to where airlines hold on. i don't know. i think that will be braungwrong. i think airlines need every plane they can get. earnings growth plus the yield should get boeing aloft again

although it is hard to see how it can rally too much. i think the play it out factor has been played out. so maybe a little more. let's get it a 150 price target. dow doggy number four is verizon. off 4.8% last year. verizon is the same issues. they don't have a fantasy league play. they have a good relationship with the nfl. sure the yield will keep the stock from getting slammed. i don't see it rallying more than 3 bucks here. now for the real dogs of the dow starting with exxon mobil. cute, huh. this was lucky to get out of 2014 with 8.6% decline given the price of oil was cut in half. exxon traded at a premium because it is least sensitive to

commodity pricing. considering further collapse of oil i think the estimates have to come down. this stock isn't done going down lower. if oil finds a bottom then exxon might fall 4% to 5% these levels. if crude keeps coming down the limited down side target too optimist optimistic. next up is general electric. last year was so bad for ge stock that it is hard to believe 2015 can't be better. last year general electric moved down to finance in a major way and big on oil and gas. in other words it deemphasized stronger groups in the market. which solidifies as a major player in infrastructure particularly european infrastructure and energy spending. those are groups i suspect will have a bad time this year. i don't see ge getting slammed this year. i just don't see a lot of upside

here. the stock probably does a lot of nothing while oil goes down. how about the second worst performer in the dow? chevron. i just like the way i say it. this is down 10.2% for 2014. chevron is a high quality oil company. in the end it's still an oil company at a time when oil is getting killed. with crude trading currently in the mid 40s i have to believe it is a year of pain for chevron. that means the stock will have to spend serious time in pergatory. one thing is for sure. chevron's 4% yield is not a protection. finally, the big dog, the worst performer in the dow. the dog -- what you got in here? the dogiest dog of all is ibm down 14.5% for 2014.

i don't think ibm is going to -- let's say i think it will be in mud again in 2015. i don't really know what can happen here that can help this very broken company and very broken stock. transformative acquisition can beef up the consulting side might help. i think that is way too bold for this timid sweet outfit. i feel bad for this guy. nice boy. you have like a bone for this guy? i question every assumption about ibm's earnings power. the move to the cloud cuts margins. only 43% of sales are domestic. it doesn't have a real product cycle. meanwhile, ibm will keep buying back stock at what looks to be inflated levels similar to 2014 strategy.

you have to ask yourself. how long will big share holder warren buffett stay the course? if he leaves i think the stock could see 125. that is truly eye catching if not eye gouging performance. it's a peanut butter cookie. when it comes to the dogs of the dow some of the names can turn things around but the oils are headed lower. ibm, a house of pain. tom in massachusetts, tom? >> caller: go pats jim! >> give me back my boy. go ahead. >> caller: i watch your show every night and i thank you for your advice. >> thank you. thank you. >> caller: i own american airlines stock. my question to you is with american airlines contract close to being settled and price of fuel going lower do you think

the stock will go higher? that is my question, jim. >> it should go higher. it absolutely should go higher. the number one performer in the s&p is the safest. the one you mentioned has a lot of upside. american really well run. we favor spirit another expensive stock. i am presenting the airline group as just a good group. i'm not saying you can throw darts at it but i like the fact that the group is getting killed today. i am going to go to jim in new jersey. >> caller: booyah, jim. i want to thank you for what you do for the small investor. >> thank you. i love the dogs of the dow, too. at least the dogs. go ahead. >> caller: my question is on twitter. i bought it last year. i'm down in it. i added to my position at the end of december hoping people would be selling what they are losing. what is your position on it? >> my charitable trust owns it

and are under water on it. we are tempted to buy it today because it was up. i think twitter is in turn around mode. i want everybody to read what he is saying. i think 2015 is better than 2014 although it is hard to imagine it not to be. although with some stocks it is hard to imagine. i see the dogs of the dow in 2014 as a mixed bag for 2015. some of the names can turn things around. ibm is in the house of pain. there is much more "mad money" ahead. i'm checking the pulse in one of the longest bull runs in history. i will search for signs. and the market is doing a terrible job of spotting winners and losers. i have the cold hard facts. a new stock another lightning round edition. stick with cramer.

can the stock market keep climbing now that 2015 is upon us or do we need to start worrying about the health of the bull after this fistful of

ugliness? after all, as i'm sure you have heard from the many nay bobs of negativity this is getting long in the tooth. a couple of months the bull turns six years old but the average lasts about five years. that's why tonight i want to take a step back and go off the charts. how about the big picture with help of ed paunsy. as well as being my colleague. he thinks there is a lot to like about this market at least from top down perspective even after the vishdous cline. he believes that 2015 can be a terrific year for the averages. talk about a contrary view. he is basing his opinion on cycle analysis the analysis of recurring events whether changing of seasons or calendar or occurrences like elections. 2015 says two important positive

cycles are coinciding and he believes they are both likely to give this market some life. the first is the u.s. presidential cycle. he points out that of the four years of the presidential election cycle the year before an election year the third year of the president's term the best year to own stocks. we are going to do things a little bit differently and look at tables to show you why he buys into the idea. take a look at this table. from 1833 1833 through 2012 kind of a long period the stock market has rallied 1.9% in the first year of a president's term 4.2 in the second in the third year look at this. in the third year, 2015, obama's

second term we aretypically seeing a 10.4% change in the market. it is not just that the market tends to rise during the year before presidential election but the consistency that is so impressive. market hasn't gone down in the year before since 1939. even then dow jones only be measly 2%. in the last century took a serious drubbing once. that was in 1931. it's pretty amazing. based on the presidential cycle you can see why he feels confident that the market should go higher in 2014 and therefore this is a buying opportunity. also thinks that washington could be doing us a favor here because the market tends to do best when we have a republican congress with a democratic president. forget about how you feel about politics entirely when you look

at the next table which shows you 1949 through 2011. you can see the best of all possible worlds for the stock market is this one, democratic president and then republican congress. since 49 and years where we had that combination dow is giving you an average gain of 19.5%. i think that is statistically significant. the next best is total republican control and then total democratic control. and then the worst combination has been republican president. from the perspective we are in the best year of the presidential cycle with the best political configuration in washington at least in terms of higher stock prices. when i saw this i said i have to talk about this because no one is talking about it now that we are down. talk about it while we are up. one more cycle for you to consider. to me i can understand you taking this frivolous. for whatever reason it turns out the stock market has put up the

best performance in years ending with the number five. going back to 1895 the dow jones industrial average -- i had to mention it. you may think it is the super bowl indicator. i have no dog in that hunt so i don't care. put it together and thinks we are getting a perfect storm of cycles. how do you take advantage of the storm? right here i say give me something to buy. don't tell me to buy this. came up with a pretty interesting name that nobody is talking positively about, at&t. time-out here. i like that. check out the gigantic phone company's weekly chart. points out in mid december at&t rebounded from major support of 32 given that the stock is currently trading about 1.5 above that level. thinks at&t represents low risk investment.

it's at&t's gargantuan dividend. it yields 5.6%. with that 5% plus yield at&t represents a powerful bond market alternative at a time when bonds are giving paltry returns. here is another chart. this shows you the current yields of japan. the german ten year and as of today the japanese ten year bonds slip below. hit an all-time low of 0.45%. united states dropped below 2%. this is kind of crazy, right? closed at 1.96%. that is astonishingly poor annual. in this environment you can't get a decent risky return from government bonds and that is why

comes back to at&t. he thinks income oriented investors will buy the stock hand over fist for the safe 5.6% yield. my view i think he is probably right. at&t can man a nice rebound after falling in 2014 and not just because of the dividend. you heard me mention earlier at&t has been plagued by the fact that the wireless business is experiencing vicious competition. however, i think at&t's huge acquisition of directv can help this company turn things around as directv gives the holy grail of television the every football game televised franchise which has the opportunity to turn the combined company into a tv powerhouse. i think it is virtually impossible for at&t to screw it up. this could go up to 38 by year end. the charts and tables suggest

that 2015 could be a bang up year for the stock market. you can buy with a bottom's up analysis i did in all 30 stocks i did including possible run to 38 for at&t. you have the makings of what could be i know it seems shocking a very strong year something just about nobody believes in after the intense drubbing that we have now speerngs experienced. stay with cramer.

it is time. it's time for the lightning round. and the lightning round is over. are you ready? time for the lightning round. mary joe in new york. >> caller: booyah jim from the great northeast. i'm a brand new person to the stock market. i would like to hear your opinion about cvs. >> i like all three. cvs isn't down enough. if you put a half position on now and the rest go down to 93 i think you will be fine.

let's go to virginia. >> hey, jim. my question is -- should i buy more, sell or hold? >> i don't want you to buy more. you have a big run here. let's not fool around. if anything i would take something off the table. sandy in florida. >> hey, jim, how are you doing tonight? >> i'm good. how about you? >> caller: i'm doing fabulous. i have a question. what is your take on nmm? >> i have to tell you shipping business has not been my cup of tea. i'm not going to bless it. let's go to bob in florida. bob. >> caller: hi jim. >> hit me. >> caller: greetings from sunny florida. we don't have snow. >> you got the edge on me. >> caller: about a week ago you were talking about analyzing our losses. back in may of 2013 over a period of a week i bought 500

shares of tesla between 78 and $93 a share. about two weeks later the market dropped down to $85 to $83 a share and i panicked and sold all 500 shares losing about $500. >> okay. go ahead. well, look i'm not going to tell you to get back into tesla. i don't care where the stock has been. tesla is a cold stock. amazon is a cold stock. i understand people like the products. go like the products. i'm taking one more. bob in michigan. bob? >> caller: hey, jim. thanks for taking my call. >> absolutely. what's up? >> caller: long term prospects for bank of ireland. >> i know you put long term in it but i don't like anything europe. everyone is so tempted by europe. i am not tempted by europe. and that is the conclusion of

the lightning round. >> the lightning round is sponsored by td ameritrade. [container door opening] ♪ what makes it an suv is what you can get into it. ♪ [container door closing] what makes it an nx is what you can get out of it. ♪ introducing the first-ever lexus nx turbo and hybrid. once you go beyond utility there's no going back.

enough already about the hazards of lower oil prices. let me give you facts, not opinions, not speculation but facts. first 16 states in the union depend on higher oil. to give bears benefit of the

doubt let's presume all people get hurt by lower oil. even though that is totally ridiculous. 290 million americans still benefit from the decline. second fact, 1% of employment growth has come from oil jobs. 2% include oil job related growth. according to the latest statistics these two numbers, 290 million and 2% tell you the vast majority of americans see a huge benefit from the decline in crude. here is another fact. 10% of the stocks in the s&p 500 get hurt directly. that doesn't mean 88% of the s&p goes higher but it means the earnings estimates for the vast majority of our companies need to be up, not down on this decline. oil has been the most volatile. remember back in 2008 oil fell $100 in a straight line over six months. that was mostly driven by demand

and weakness. this is driven by supply and demand. none suggest the stock market should prolong decline from the crude. 18% of high yield debt is related to oil and gas. much concentrated. since the plunge began the high yield bond fall from 94 to 98. while some oils will go bankrupt many of excellent balance sheets and hedge positions before the collapse of crude the cash flows were bountiful. only 20% truly stretched. it doesn't mean bonds go to zero. plenty are willing to swoop in nor does it mean it goes under. most banks are national. they can handle these defaults. so can owners of the paper. this isn't the housing industry we are talking about. we don't know if oil will stay down here forever. put it all together and you a scenario where united states tax

4% gdp growth from lower oil prices. historically there have been a few times when oil shocks to the down side coincided with lower prices. that is when we suffer from demand stocks. we have demand issues overseas. oversupply is also a huge issue here. it is important to remember vast majority of emerging markets benefit from lower oil especially china. the velocity of the move is frightening. my advice weather the fear to see it and you got it. see it through. remember, if oil were going up 12% in two days what would i be doing here? telling you to sell sell sell. i have to say you need to buy the stock from companies that benefit from or consume cheaper oil. stick with cramer.

it's so easy to be negative here. then you look at j.c. penney which i didn't think was going to do that well. i have to tell you i want you to weather the storm. i like to say there is always a bull market somewhere. i like to try to find it for you here on "mad money." i'm cramer and i will see you tomorrow. [ mid-tempo rock music plays ]

>> more than a year has passed since colorado became the first state in the nation to legalize the sale of recreational marijuana. but sometimes the line between what's legal and what isn't is still a little hazy. this is not the first time cops have been called to this head shop in wheat ridge. >>